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2� 1 ��2198
<br /> �, App��cationof Payme�ts vr Pro�e�d�.E�c�pt a�s express�y st�ted othert�ise in this Sec��ity
<br /> Instrument or the Note,all payments accepted and applied by Lender sha�l be applied in the following
<br /> ord er o f priority:
<br /> First,to the Mortgage Insu�rance premiums to be paid by Len�er to th� Secretar�or the monthly
<br /> charge by the Secreta.ry instead of the mon�h�y mortgage�nsurance premiums;
<br /> Second,to any taxes, special ass�ssment�, leasehold payments or groun.d rents,and fire, fload and
<br /> other hazard insurance premiums,as required;
<br /> Tbird,to interest due under the l�ote;
<br /> Fourth,to amor�iza�ion of the principal of the Nate;and,
<br /> Fifth,to late charges due und�er t]�e Nate.
<br /> Any appl�cation of payments, insu�'ance proceeds, ar Miscellar���us Proceeds to principal due under�he
<br /> No�e shall not extend or postpone the due date,ar change�he�mount,of the Peria�l�c Paym,ents.
<br /> 3. Fundsfor Eser�►�v lt�ms, Borrower shall pay tca Lender on the day Periodic Payments are due under
<br /> the N�te,until th�Note is paid�n ful�,a sum(the "Funds"}to pro�r�de for payment of amt�unts due for:
<br /> (a}�aa�e�and assessments and ather items which can attain priority over this Security Instrument as a lien
<br /> or encumbrance on the Property; (b�Ieas�hold paym�nts or ground rents on the Property, �f any; (c}
<br /> premiums for any and a11 insurance required by Lender under Section 5;and(d}Mortgage I�surance
<br /> pr�miums to be paid b��ender to the Secretary or the mor�thly charge by the Secretary inst�ad of the
<br /> monthly Mortgage Insur�.nce premiums. These items are called "Escro�Items."At origina�ion or at any
<br /> time during the term of the L.oan,Lender may require that�ommunity Assoc�at��n Dues,Fees,and
<br /> Assessments, if any,be escrowed��B�rrower,and such dues, fees and assessments shall be an Es�row
<br /> Item. Borrower sha11 promptly furnish to Lender all�notices of amounts ta be pa�d under this Section,
<br /> $orso�er sha��pay Lender the Funds for Escrov�Items unless Le�der v�aives Borrov�er's ob�igation��
<br /> pay the Funds for any or a11 Escrovv items. Lend�r may waive Borrovc�er's�bligation to pay to Lender
<br /> Funds for any or a��Escro�v�tems at any t�me, Any such waiver may only be in writing. In the e�ent of
<br /> such v�aiver,Borrower sha11 pa�d�ire�ti�,When and where payable,the amounts due for any Escro�
<br /> items for�vhich payment of Funds has been vvaived by Lender and, if Lender requ�.res, shall furnish to
<br /> Lender receipts evidencing such payment within such time periad as Lender may require. Borro�rer's
<br /> ob�igation to make such paymen�s and to pro�ide receip�s shall far a��purposes be d�emed to be a
<br /> covenant and agreement con#ained in this Securrty Instrument,as the phrase "co�enant and agreement" is
<br /> used in Section 9. If Bortower is ob�iga�ed to pay Escraw Items directly,pursuant t�a waiver,and
<br /> Borrower fails to pay the amount due for an Escrow Item,Lender may exer�ise its rights under Section�
<br /> and pay such amo�n�and Borrawer sha��then be obligated und�r�ection 9 to repay to Lender an�such
<br /> amoun�. Lender may revoke the waiv�r as to an}�or a��Escro�Items a�any time by a notice given in
<br /> accordance with Sect�on �4 and,upon such re�ocation, Borrovver sha11 pay to Lender al�Funds, and in
<br /> such amounts,that are then required under this Sectian 3,
<br /> Lender may, at any time, ��l�ect and hold Funds in an arraount�a}sufficient to permit Lender to apply the
<br /> Funds at the time specified under RESP�, and(b}not to ex�eed the maximum amount a lender can re�ui.re
<br /> under RESPA. Lender sha��estimate the amount of Funds due on the basis of current data and reasonable
<br /> estimates of exp�nditures of future�scrativ Items or other�vise in a�cordance with Applicable Law.
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